Grand Baoxin (01293) fell by nearly 14%. As of press time, it fell by 13.92%, trading at HKD 0.136 with a turnover of HKD 0.2321 million.
According to the Wisdom OntheMarket APP, Grand Baoxin (01293) fell by nearly 14%. As of press time, it fell by 13.92%, trading at HKD 0.136 with a turnover of HKD 0.2321 million.
On the news front, Grand Baoxin recently announced that it is expected to receive a loss not exceeding RMB 0.1 billion for the first half of 2024, attributable to the owners of the parent company. In the same period of 2023, the owners of the parent company had profits of RMB 0.324 billion. The main reason for the loss is due to the impact of the market's consumption downgrading and the intensification of industry competition, as major automakers engage in price wars to grab market share, resulting in a decrease in the company's new car sales volume and gross margin compared to the same period last year.
In addition, the controlling shareholder of the company, China Grand Automotive Services Group, closed at the limit today with a stock price of CNY 0.87 and has now closed at a price lower than CNY 1 for 19 consecutive trading days. According to the exchange's rules, if the stock price is lower than the face value for 20 consecutive trading days, the company's stock will be forcibly delisted. China Grand Automotive Services Group previously announced that it expects a net loss of RMB 0.583 billion to RMB 0.699 billion for the first half of 2024.